Did Bybit hacking saga affect their number of app downloads in Feb??

[Olamidetechie]

I just saw this https://x.com/Crypto_Dep/status/1901948311055065296?t=n0AF3XlCd2W7czKC9eJ3hw&s=19 the ranking of the most downloaded exchange apps in February, and I wasn't shocked by the top 5. In my opinion, most of them are unique in what they do. Take Binance, for example, which ranked number one. It has built its reputation to the extent that no matter what they do, people will still use them. OKX came in second on the list, dethroning Bybit, while Bitget came in third. https://i.ibb.co/x8s08r48/IMG-20250319-WA0036.JPG Considering how far they've come with their listing of solid projects, I think they deserve it. I made two profitable trades with $BMT and $PI thanks to their early listings. If they continue like this, I won't be surprised to see them in the number two spot by the end of the year. Bybit is actually ranked number four, probably due to the hacking issue that happened. Do you think my analysis of this ranking is correct?

[Charles-Tim]

I do not think the hack affected Any way. But I know people. How Bybit acted (by not closing the exchange and not disable withdrawal even after there was a massive withdraw) will let people trust the exchange more. Instead to move their funds from exchanges to a noncustodial wallet. So I do not think the number of new customers and downloads are affected. If affected, it will be little to what not need to talk about.

[Jegileman]

The Bybit hack was a big news in the crypto market when it first went public and news about the havj circulated through mainstream medias. The hack didn’t brought about many panic to users of the exchange as everything was working perfectly fine and no withdrawals was stopped. Every person that needed to withdraw did it seamlessly and had no issues with accessing their funds. Heard news that they had to borrow funds from other exchange to cover up the large volume of withdrawals then and already paid the debt too now.

Not allowing withdrawals to be affected really gained them more trust and no user using the exchange will panic of losing their funds and feel safe to some extent. I can’t say how that would affect their downloads in February but indeed, it is not something they should be worry about as it won’t affect anything or them having a bad reputation because of that in the crypto market space. Other reason may be the cause and even though this is it, it won’t be anything big as the news never affected anything in the reaction of people in the crypto space.

[Bushdark]

I just saw this https://x.com/Crypto_Dep/status/1901948311055065296?t=n0AF3XlCd2W7czKC9eJ3hw&s=19 the ranking of the most downloaded exchange apps in February, and I wasn't shocked by the top 5. In my opinion, most of them are unique in what they do. Take Binance, for example, which ranked number one. It has built its reputation to the extent that no matter what they do, people will still use them. OKX came in second on the list, dethroning Bybit, while Bitget came in third. https://i.ibb.co/x8s08r48/IMG-20250319-WA0036.JPG Considering how far they've come with their listing of solid projects, I think they deserve it. I made two profitable trades with $BMT and $PI thanks to their early listings. If they continue like this, I won't be surprised to see them in the number two spot by the end of the year. Bybit is actually ranked number four, probably due to the hacking issue that happened. Do you think my analysis of this ranking is correct?

You need to understand that for a project to get hacked and it's still able to survive the market ruggedness, this alone will attract more users as time goes go. We have seen so many exchanges that got hacked and they never existed again because of the effect of the hack on them. This is why so many users believed in binance which js because they got hacked many years ago which many users was scared of them not been able to withdraw their holdings on the exchange. Immediately after the hack many users withdrew their funds thinking such hack will make the exchange for off. Now binance has become the biggest exchange in the world.

[salad daging]

What about the download list last year or before the hack happened did Bybit rank below Binance?
I'm not sure if Bybit's current ranking for app downloads is affected by the hack but the fact is that the exchange is still widely trusted despite the huge loss of funds due to the hack.

I'm trying to guess myself - why are OKX and Bitget above Bybit? Because those exchanges often hold events that require the installation of exchange apps is probably what I'm thinking.

[Dave1]

I do not think the hack affected Any way. But I know people. How Bybit acted (by not closing the exchange and not disable withdrawal even after there was a massive withdraw) will let people trust the exchange more. Instead to move their funds from exchanges to a noncustodial wallet. So I do not think the number of new customers and downloads are affected. If affected, it will be little to what not need to talk about.

Yeah, I'm also under the impression that it seems that they are not affected big by the Hack as they are back in normal operations and I still receiving mails from them and announcement from their Telegram group.

And as crypto enthusiast, we haven't talk about it after that hack and it seems that the news has settled down and not even affected the market that much. So there could still be gaining new customers even after this negative news and their apps being downloaded more.

[nelson4lov]

The hack affected those stats quite a bit because a ton of users withdrew their assets and took their trading elsewhere (I guess everybody learnt from the FTX saga). Biggest surprise in the ranking is seeing Bitget there, way ahead of the likes of kucoin. I remember when they started as just another new comer.

In the near future, I'd like to see DEX applications claiming some spots on top of lists like this.

[passwordnow]

If they continue like this, I won't be surprised to see them in the number two spot by the end of the year. Bybit is actually ranked number four, probably due to the hacking issue that happened. Do you think my analysis of this ranking is correct?

You're right with your analysis and this is not something new. Whenever an exchange is hacked, expect that the numbers that it has got from its statistics will go down. From the active users, downloads, volumes and almost everything. They're all going down because people are going to avoid them at all cost so if this is what worries you and wanting to put some exchange out there on a better state, I see what you're doing there. But sticking to the discussion and topic, you're right. And not just with the hacking but also with the bad news that it possesses in the market that affects downloads and even searches.

[TastyChillySauce00]

I guess newcomers in crypto are rather afraid of using bybit after the hacking.

but honestly bybit has handled the hacking so well that there's no loss caused to their customers and the fact that they've been hacked means they might be tightening their security moving forward.
as of now, they keep tracking where the funds are going and hopefully they can recover most of the funds.

personally I don't take download statistics seriously, I mean there are so many services out there offering to increase download number.

[coin-investor]

Bybit is actually ranked number four, probably due to the hacking issue that happened. Do you think my analysis of this ranking is correct?

The analysis is correct because it is backed by volume and data for me. I have Kucoin on my fourth spot, surprised that they are on the 7th.
It's understandable why Bybit rankings go down even though they have massive marketing and everything seems back to normal operation, but we as investors are very careful using a platform that was compromised until they proved that all the issues have been resolved.
Bybit is very aggressive in their marketing and adding a lot of features; they could have been in the second spot if not for this hacking incident.

[stomachgrowls]

I just saw this https://x.com/Crypto_Dep/status/1901948311055065296?t=n0AF3XlCd2W7czKC9eJ3hw&s=19 the ranking of the most downloaded exchange apps in February, and I wasn't shocked by the top 5. In my opinion, most of them are unique in what they do. Take Binance, for example, which ranked number one. It has built its reputation to the extent that no matter what they do, people will still use them. OKX came in second on the list, dethroning Bybit, while Bitget came in third. https://i.ibb.co/x8s08r48/IMG-20250319-WA0036.JPG Considering how far they've come with their listing of solid projects, I think they deserve it. I made two profitable trades with $BMT and $PI thanks to their early listings. If they continue like this, I won't be surprised to see them in the number two spot by the end of the year. Bybit is actually ranked number four, probably due to the hacking issue that happened. Do you think my analysis of this ranking is correct?

I dont care about exchange platforms ranking when it comes into this aspect on which as long my current exchange on which i have been using will really be that still doing good or giving out that good experience then this what matter the most. For Bybit ranking if dropped down or app downloads gotten low then it will really be that understandable with that hacking incident which been touted to be the biggest hack on exchangers when it comes into the amount involved. You would be able to expect that the entire community would be losing up its trust and into those new people who would be dealing up with this crypto space just because on what they have read up. We do know that we are really that highly reactive when it comes to negative news.

I dont really mind that much about on what are those reasons on ranking down because if we do speak about potential reasons then there would really be tons of possible reasons ahead.
The most important thing on here is that you should really be that only focusing into the platform on which you are currently using now and never get stressed for whatever other exchange platforms been facing. Just deal up the thing on what you are currently that dealing into.

[Tipstar]

I just saw this https://x.com/Crypto_Dep/status/1901948311055065296?t=n0AF3XlCd2W7czKC9eJ3hw&s=19 the ranking of the most downloaded exchange apps in February, and I wasn't shocked by the top 5. In my opinion, most of them are unique in what they do. Take Binance, for example, which ranked number one. It has built its reputation to the extent that no matter what they do, people will still use them. OKX came in second on the list, dethroning Bybit, while Bitget came in third. https://i.ibb.co/x8s08r48/IMG-20250319-WA0036.JPG Considering how far they've come with their listing of solid projects, I think they deserve it. I made two profitable trades with $BMT and $PI thanks to their early listings. If they continue like this, I won't be surprised to see them in the number two spot by the end of the year. Bybit is actually ranked number four, probably due to the hacking issue that happened. Do you think my analysis of this ranking is correct?

It surely did. I personally had bybit app for quite a time and still have it but I have stopped trading through it. In the past I had used the app to get some airdrops or trade some specific coins but with the news of hack, I have stopped using it altogether. No one who knows about a recent hack would be willing to try the exchange they have not tried yet so naturally there would be no people downloading its app. The ones who did might not have heard about the hack incident yet. The hack don't mean its the end of bybit but I would not want to get into any hassle or delay due to a service that should work seamlessly. People have multiple options now. They won't trade on an exchange that is going through turbulent times.

[WeedGoW]

Bybit hacking story caused a little damage to the Bybit exchange, it would be normal. This cyber attack which mainly includes customers’ funds security risks and damages has questioned the security of the exchange’s assets and users are worried about their safety, for some users may decide to move other exchanges. Which can have an impact on the number of downloads on the bibit exchange. The exchange hacking record has many more days ago I heard the binance Exchange hack was hacked but Finance’s owner returned all their capital to all the users. Then security the Binance Exchange through more security. But now the Bybit Exchange owner has to add solid security. If this is not done, the users will lose hope and go elsewhere. Besides, strong market positions and long-term reputation of established exchanges such as Binance and OKX are helping them to stay at the top of their rankings.

[Iamcrypticguy]

The hack affected those stats quite a bit because a ton of users withdrew their assets and took their trading elsewhere (I guess everybody learnt from the FTX saga). Biggest surprise in the ranking is seeing Bitget there, way ahead of the likes of kucoin. I remember when they started as just another new comer.

In the near future, I'd like to see DEX applications claiming some spots on top of lists like this.

Bybit would definitely come back, their reaction to the hack signifies that so nothing to worry about, as for Bitget, I'd say it's not surprising due to the exchanges global availability and quick listing ability. I'll say users are interested in early entries because that'll definitely increase ROI if the projects does well..

Bybit is actually ranked number four, probably due to the hacking issue that happened. Do you think my analysis of this ranking is correct?

The analysis is correct because it is backed by volume and data for me. I have Kucoin on my fourth spot, surprised that they are on the 7th.
It's understandable why Bybit rankings go down even though they have massive marketing and everything seems back to normal operation, but we as investors are very careful using a platform that was compromised until they proved that all the issues have been resolved.
Bybit is very aggressive in their marketing and adding a lot of features; they could have been in the second spot if not for this hacking incident.

We shouldn't think like that, They suffered a hack, handled it well and now they're back like they never left. They need support imo

[Reatim]

i think we need to look at the downloads in march or even after that to really see if the hacking had any significant effect though i am guessing there will be but maybe by not much since no one really lost money but the exchange

bybit was very quick to cover the loss funds so everything seemed fine and no customers were found complaining they also explained the situation pretty well and did not seem to have extreme weak security despite the hacking

[moneystery]

i don't think so because even though the bybit hacking case some time ago was quite shocking to the crypto world, we can see how bybit handled the situation professionally and they didn't suspend withdrawals even when it happened. the case was also handled quickly by them and made users not worry too much about it.

from the way they handle everything and respond to it makes users believe that they are professional... though there were mistakes made on their side that caused it to happen, but something like that was beyond their expectations and the hackers were smart enough to take advantage of it. but it is a valuable lesson for them and allows them to improve their security in the future.

[Olamidetechie]

What about the download list last year or before the hack happened did Bybit rank below Binance?
I'm not sure if Bybit's current ranking for app downloads is affected by the hack but the fact is that the exchange is still widely trusted despite the huge loss of funds due to the hack.

I'm trying to guess myself - why are OKX and Bitget above Bybit? Because those exchanges often hold events that require the installation of exchange apps is probably what I'm thinking.

I think the main reason the likes of Bitget and Okx were above Bybit was that some of them decided to step up their games, in this space if there are things your users want and not getting, they will definitely look elsewhere just for them to be comfortable, at the end of the day we are looking for money, and also take Bitget as an example, they are available on most regions than the rest, so the population may increase users.

[Olamidetechie]

If they continue like this, I won't be surprised to see them in the number two spot by the end of the year. Bybit is actually ranked number four, probably due to the hacking issue that happened. Do you think my analysis of this ranking is correct?

You're right with your analysis and this is not something new. Whenever an exchange is hacked, expect that the numbers that it has got from its statistics will go down. From the active users, downloads, volumes and almost everything. They're all going down because people are going to avoid them at all cost so if this is what worries you and wanting to put some exchange out there on a better state, I see what you're doing there. But sticking to the discussion and topic, you're right. And not just with the hacking but also with the bad news that it possesses in the market that affects downloads and even searches.

Thanks for agreeing with this if we look at their operations during that time they tried their best to do damage control and even to show their users that they are capable, i hope they get back well on their feet.

[DeathAngel]

I can’t verify any of the sources available. I would expect it’s too soon to draw any conclusions regarding downloads post hack but I would expect it will negatively impact Bybit’s userbase, both new & existing users. Obviously them getting compromised is going to panic people. It will take some time to build back trust. 

[nelson4lov]

I can’t verify any of the sources available. I would expect it’s too soon to draw any conclusions regarding downloads post hack but I would expect it will negatively impact Bybit’s userbase, both new & existing users. Obviously them getting compromised is going to panic people. It will take some time to build back trust. 

Exchanges got backrupt for way less than that in the past. I'm talking about CEXs like Cryptopia and a few others I can't remember from the top of my head. Also, there were users that chose to blindly trust FTX after initial rumors about their issues and those users got their funds locked away and inaccessible since 2022 simply because they chose to keep assets and continue using FTX during tbe saga.

I would expect users to fled from Bybit in recent weeks following the hack.